The Ministry of Science and ICT (MSIT, Minister: Lim Hyesook) announced the ‘Strategic Plan to Foster Data Protection Industry’ to cultivate the data protection industry as the next strategic industry, on February 10 at the Central Economic Countermeasure Headquarters meeting.
Korea’s data protection market has posted a high annual growth rate of 8.4% on average in the past three years (‘18~’20), and the global data protection market is expected to grow at an average annual rate of 9.4% by 2024. Until now, the data protection industry mainly focused on data security to protect computers and the network, and physical security to prevent theft and damages. However, since the conventional industries and ICT technologies are converging fast, the market for convergence security is expected to grow. Against this backdrop, MSIT announced the ‘Strategic Plan to Foster Data Protection Industry,’ which contains the following four agenda.
1. Creating new markets of data protection to secure momentum for growth
With cyber threats complicated and evolving, security devices and services need to incorporate AI technology by design. AI-based data protection industry will be revitalized with MSIT’s plan to cultivate 60 innovative companies in the AI-based security field. In addition, with the wide use of information and communications technologies across the industries, pre-emptive measures to the security threats are to be implemented. This includes the one-stop package security measure that provides security inspection tools, consulting and security solutions.
2. Nurturing global top-tier data protection companies
MSIT will support the commercialization of new, leading data protection technologies and products. At the same time, MSIT will promote the corporate collaboration and M&A, and help domestic security companies to make foray into the global data protection market.
3. Enlarging the ecosystem to strengthen the data protection industry’s fundamentals
The efforts include mandating companies of a certain size or greater to share the information regarding their data protection efforts, a wider use of user authentication to prevent IoT device hackings, and supporting small and medium-sized companies while preparing a regional cyber security measure.
4. Securing the next generation data protection technologies
Cybersecurity technology is one of the nation’s ten critical and emerging technologies. Since it is closely related to the national defence and security, it is most essential to develop domestic technologies in partnership with domestic companies.
Minister Lim said “since the data protection industry recently saw a steep growth driven by a surge in demand, MSIT will strategically cultivate the industry and strengthen its fundamentals, to use this opportunity to grow a new economy.”
For further information, please contact Spokesperson for foreign media Kim Heehyun (E-mail:coro0131@korea.kr, 82-44-202-4027) of the Ministry of Science and ICT.
Please refer to the attached PDF